UBS Appoints Misra, Psyllidis as Debt Unit Co-Heads - Bloomberg

UBS AG, Switzerland’s biggest bank by assets, appointed Rajeev Misra and Dimitri Psyllidis as co- heads of fixed-income, currencies and commodities.
Misra, 47, and Psyllidis, 43, take on the roles in addition to their responsibilities as global heads of credit and macro, respectively, the Zurich-based bank said in an e-mailed statement today.

Carsten Kengeter, 42, the co-head of UBS’s investment bank, will relinquish his role as co-head of FICC with Jeffrey Mayer, 50, who will take on the new position of executive chairman of FICC, the bank said. UBS is shuffling leadership of the fixed- income unit at a time when the business may be facing lower revenue prospects, according to analysts.

UBS also said it hired Neal Shear, 55, as global head of securities, to be based in Stamford, Connecticut, and Roberto Hoornweg, 41, as the global head of securities distribution, to be based in London.

Shear left New York-based Morgan Stanley in March 2008 after then Chief Executive Officer John Mack demoted him in November 2007 because of bad trades that resulted in the first quarterly loss as a publicly-traded company. Thomas Daula, the former chief risk officer at Morgan Stanley, who also left amid the management reshuffle, joined UBS in June 2008 to take that position at its investment bank.

Hoornweg also worked previously at Morgan Stanley, most recently as head of global interest rates, credit and currencies. He left in July 2009, when the firm hired Jack DiMaio to replace him.

Shear and Hoornweg will be responsible for aligning the equities and debt units and bringing their distribution teams more closely together.